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1
In a 6-quart Dutch oven or other heavy-duty pot, cook the pancetta in the oil over medium heat, stirring occasionally, until browned but not crisp, 6 to 8 minutes. Using a slotted spoon, transfer to a paper-towel-lined plate and set aside. Do not wipe out the pan.
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2
Heat the accumulated fat, over medium to medium-high heat, until shimmering hot. Season about one-third of the beef with salt and pepper and arrange it in a single layer in the pot (there should be at least 1/2 inch of space between the pieces). Brown well on at least 4 sides, adjusting the heat as necessary; each batch should take about 10 minutes to brown. Transfer the beef to a large bowl or rimmed baking sheet as it browns and repeat with the rest of the beef, seasoning with salt and pepper before browning. Once all of the beef is browned, remove the pot from the heat to let it cool for a few minutes.
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3
Pour all but 2 Tbs. of the fat from the pot. (If there is not enough, add oil to equal 2 Tbs.) Return the pot to medium heat, add onion, celery, and carrot. Season with a pinch of salt and pepper, and cook, stirring often and scraping the bottom of the pot with a wooden spatula, until the vegetables begin to soften, 5 to 6 minutes. Stir in the garlic, tomato paste, soaked porcini, rosemary, and bay leaf and cook, stirring occasionally, until fragrant, 1 to 2 minutes. Return pancetta to the pot.
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4
Add the wine, stirring with a wooden spatula to dissolve any browned bits on the bottom of the pot. Raise the heat to medium high and boil to reduce by about half; about 8 minutes. Add the reserved mushroom soaking liquid and bring to a boil.
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5
Return the beef to the pot along with any accumulated juices. Cover and place in the oven to cook for 1 hour. After 1 hour, add the pearl onions to the pot. 30 minutes later, add the tomatoes. Cover and cook until the beef is fork-tender. Add in the fresh basil.
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6
*Skim the accumulated fat from the stew. Season to taste with truffle salt and pepper and serve.
